EquityPandit’s Outlook for CNX Energy for the week (August 17, 2015 – August 21, 2015):
CNX ENERGY index closed the week on negative note losing around 3%.
As we have mentioned last week that the support for the index lies in the zone of 8600 below which the index can drift to the levels of around 8100 where 1000 Daily SMA is lying and the index hit a low of 8227 and closed the week at around the levels of 8418.
The index has formed a Morning star pattern on daily charts in an downtrend indicating the trend reversal.
The index has formed a Shooting Star pattern on monthly charts in an uptrend indicating the trend reversal. The index has to close above the levels of 9000 to negate bearish pattern on monthly charts.
Support for the index lies in the zone of 8100 to 8200 where 1000 Daily SMA and 200 Weekly SMA are positioned.
Resistance for the index lies in the zone of 8500 to 8600 where downward sloping trend-line and 100 & 500 Daily SMA are positioned.
Broad range for the index is seen between 8100 to 8200 on downside to 8600 to 8650 on upside.